The amount of people living subsidized by their parents is astounding

[Anonymous]

My family has no money and I have nothing to fall back on if I lose everything. I have structured my life accordingly.

I think if your family has money, you can behave differently because you know they’ll support you if you ever encounter issues. This is true even if they aren’t explicitly gifting you cash each year.

When people have nice family homes to visit for the holidays, I am a little envious. Seems nice.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm over 50 and have never met anyone like this. What kind of loser would accept money from parents/family? It's not that hard to just get a job and pay your bills in the US, assuming you didn't have kids before finishing college.

Who the hell would turn down money from a trust?

I did. My mom and sister swooped in and took or stole everything. There was some retirement money left to me, not a lot as he wasted it all on girlfriends. I turned it down as long as I never have to see or speak to them again due to their behavior.

That's not how trusts work.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yet there are tons of posts here about greedy boomers. I’m a boomer and help my adult kids. My parents helped us. My grandparents paid my private school tuition. We are/were all hard working people who earn a good living but not finance bro wealthy.

There is also a time for everything. I have money now, I didn’t in my 20s and 30s. Just like my kids are stretched now.

There are posts about "greedy boomers" because different families handle this differently. Some people get huge cash infusions from boomer parents that enable them to buy homes, send kids to better schools, take nicer vacations, pay off grad school loans, start businesses, retire earlier. Others get nothing. These people often know each other. The people who get nothing might think their parents are greedy because they are peers' parents being very generous.

My DH is the type who would post about greedy boomers. My family is comfortable enough that they won't be a burden to us during their long retirement, but no so comfortable that they subsidize our lives - and they also think subsidizing our lives would be crazy. They paid for my college and it was always understood that after that I'd be financially on my own. Doesn't bother me. Does bother DH when he sees our peers getting help for things that we don't.

No one knows how much money DH's parents have, but the concern is more that they won't be able to fund their retirement as opposed to them having a high net worth.

[Anonymous]

I don't know that the rich need to be somehow penalized because they gave more. I certainly agree that you should pay your fare share but so many have this idea that if you're wealthy you're somehow a terrible person and less deserving than someone who isn't wealthy? I mean many folks who did get rich worked their ass off to be successful. Whether you did or not, I know really rich people who are the most gracious people and working class who are mean. Your worth does not influence your kindness, it really does not. It is often impacted by your fortune to experience less hardship in life so maybe you have less empathy but in my experience if you're nice, you're nice whether rich or poor.

The thing is - people have these preconceived notions that are not rooted in reality about many things and money is def top of the list. Not everyone who has it is an Ahole and not everyone who is working class actually deserves it. It's just money. Some people are lucky enough to earn it or they were committed enough to earn it but neither have to do with kindness. Same thing with not having money - it shouldn't define anyone - either way.

I hate listening to folks beat up people who have money like they all deserve terrible things to happen to them. You would never ever know my background because I work and I know what suffering is like. And I have not 1 but 2 trust funds from FIL and my parents. So what?

[Anonymous]

Anonymous wrote:Just in the last 2 years we made 1m/year and my parents who make 80k/year on retirement have full medical benefits but have everything fully paid off want to pay for private school and I am ok with it because they don't have any other use for their money. If they end of running out of money i would help them. However their generation is very different than our's where they don't have any debts.

This isn't the flex you think it is. Pathetic.

[Anonymous]

Anonymous wrote:I'm over 50 and have never met anyone like this. What kind of loser would accept money from parents/family? It's not that hard to just get a job and pay your bills in the US, assuming you didn't have kids before finishing college.

That’s how generational wealth works. Stay mad.

[Anonymous]

Anonymous wrote:I don't know that the rich need to be somehow penalized because they gave more. I certainly agree that you should pay your fare share but so many have this idea that if you're wealthy you're somehow a terrible person and less deserving than someone who isn't wealthy? I mean many folks who did get rich worked their ass off to be successful. Whether you did or not, I know really rich people who are the most gracious people and working class who are mean. Your worth does not influence your kindness, it really does not. It is often impacted by your fortune to experience less hardship in life so maybe you have less empathy but in my experience if you're nice, you're nice whether rich or poor.

The thing is - people have these preconceived notions that are not rooted in reality about many things and money is def top of the list. Not everyone who has it is an Ahole and not everyone who is working class actually deserves it. It's just money. Some people are lucky enough to earn it or they were committed enough to earn it but neither have to do with kindness. Same thing with not having money - it shouldn't define anyone - either way.

I hate listening to folks beat up people who have money like they all deserve terrible things to happen to them. You would never ever know my background because I work and I know what suffering is like. And I have not 1 but 2 trust funds from FIL and my parents. So what?

You're the exact kind of obnoxious rich person I'm sure the OP is talking about. No self awareness.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm over 50 and have never met anyone like this. What kind of loser would accept money from parents/family? It's not that hard to just get a job and pay your bills in the US, assuming you didn't have kids before finishing college.

That’s how generational wealth works. Stay mad.

Yeah, stay mad and vote accordingly. The working class can and should make this harder for rich people.

[Anonymous]

We get $38k/year a make $975k with our jobs. We don't need the money but it's smart estate planning. My parents would rather us have the money than Uncle Sam/MD.

We save it all for our kids and use it to take a really nice vacation to generate lovely memories.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just in the last 2 years we made 1m/year and my parents who make 80k/year on retirement have full medical benefits but have everything fully paid off want to pay for private school and I am ok with it because they don't have any other use for their money. If they end of running out of money i would help them. However their generation is very different than our's where they don't have any debts.

If you're making $2m per year and your letting your retired parents clocking $80k a year in retirement pay for your kids' private school education, you are a f4cking loser. Hope I'm crystal clear.

thanks, my parents have 10m in assets and i have loans and a house that has a mortgage balance of 50%. We are henry millennials that recently started getting this high income. either way sorry we are not all old genx/boomers like yourself. At least my boomer parents want to help.

You kind of buried the lead there didn't you. Your parents having $10M in assets completely changes the situation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We plan on offering DCs financial support in their adult lives. It's all going to be their one day, anyway---why not share it sooner rather than later?

To be honest, this is our plan too but I understand that it perpetuates inequality and I feel guilty about it. I support higher taxes on rich people and estates to make it harder for people like me to do it.

Why the guilt? You really think sending your privately-earned wealth to the government to spend is a better solution?

[Anonymous]

Anonymous wrote:I don't know that the rich need to be somehow penalized because they gave more. I certainly agree that you should pay your fare share but so many have this idea that if you're wealthy you're somehow a terrible person and less deserving than someone who isn't wealthy? I mean many folks who did get rich worked their ass off to be successful. Whether you did or not, I know really rich people who are the most gracious people and working class who are mean. Your worth does not influence your kindness, it really does not. It is often impacted by your fortune to experience less hardship in life so maybe you have less empathy but in my experience if you're nice, you're nice whether rich or poor.

The thing is - people have these preconceived notions that are not rooted in reality about many things and money is def top of the list. Not everyone who has it is an Ahole and not everyone who is working class actually deserves it. It's just money. Some people are lucky enough to earn it or they were committed enough to earn it but neither have to do with kindness. Same thing with not having money - it shouldn't define anyone - either way.

I hate listening to folks beat up people who have money like they all deserve terrible things to happen to them. You would never ever know my background because I work and I know what suffering is like. And I have not 1 but 2 trust funds from FIL and my parents. So what?

It's pretty impossible to become extremely wealthy without subjugation and use of someone else's very low paid labor and/or abuse of regulation/resources. I don't mean the double GS 15 or two doctor families or IT start ups. But the extremely rich business and land owners, CEOs. All those crypto farms use fresh water they get at very cheap rates instead of it going to farms and drinking. Electronics and Clothing factories use child labor in other countries etc.

[Anonymous]

I support two adult children. One has medical issues and the other has mental health issues.

My goal is to ensure that neither becomes a charge on the taxpayers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We plan on offering DCs financial support in their adult lives. It's all going to be their one day, anyway---why not share it sooner rather than later?

To be honest, this is our plan too but I understand that it perpetuates inequality and I feel guilty about it. I support higher taxes on rich people and estates to make it harder for people like me to do it.

Why the guilt? You really think sending your privately-earned wealth to the government to spend is a better solution?

Seeing what's happening as our government is dismantled by billionaires who say we can't afford it..yeah I think we should fund the government

[Anonymous]

Anonymous wrote:Almost everywhere I go I meet people from wealthy families with lifestyles that wouldn’t be possible on their incomes alone. These are people who I run into completely randomly not from existing social or institutional connections which increases the perception that they’re everywhere. It’s super frustrating not coming from a family like this when you’re surrounded by so much generational wealth and privilege.

If there's everywhere you go, then you are traveling in rareified air. Kids in private school? Close-in suburb? Where are you spending your time?